How about those advance fee regulations !!
Posted By: Madeleine - 09/28/2000 05:45 PM
I think retainers are definitely the way to go along with fee based services. I am working on a business model that will work in the highly competitive market here in Miami. I see two problems: cash poor first time buyers who are a great source of income and referral if you treat them well, will be hard pressed to put a retainer down as they are scraping up the money for everything else. Higher end buyers will gladly do it but they are also more loyal and will realize good service more quickly. The first time buyers require much more work and it will be hard to convince them that they will save themselves a lot of aggrevation by working with one good agent.
The other obstacle here in Florida is that the the FL real estate commission considers retainers as "advanced fees" and has very strict rules governing the handling of advanced fees. I have not been able to get a sensible response from anyone at FREC and I feel that Florida is not only trying to protect the consumer but the regulate how we are paid. Any suggestions ?